What Is The Real Unemployment Rate In The US?

There has been a position put forth for quite a few years that the way government calculates unemployment is inaccurate. And, that underemployment plays a substantial role in the economy. I don't focus on any of those metrics but there is obviously validity to these claims because the American economy has been operating at below potential for a substantial period of time as validated by other metrics I do follow.

David Rosenberg at Merrill tells us today in Financial Week that the employment picture is a lot more dire than anyone would want us to believe.

Are you really surprised? Ward and June Cleaver don't run the Bureau of Labor Statistics. The state does.